UK inflation dips but remains close to 40-year highon January 18, 2023 at 7:36 am

UK inflation has fallen for a second month in a row but remains close to a 40-year high.

Inflation, the rate at which prices rise, fell to 10.5% in the year to December, compared to 10.7% in November.

The drop was due to fuel prices falling along with clothing and footwear prices, however, this was offset by rising costs in restaurants and hotels.

The cost of food also continued to rise in December in shops and cafes.